Bassett Announces Special Dividend
November 08 2016 - 9:00AM
Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today
that its Board of Directors declared a $0.30 per share special
dividend payable on December 16, 2016 to shareholders of record on
December 2, 2016.
“We are pleased to announce this $0.30 special
dividend at the end of our fiscal year,” said Robert H. Spilman,
Jr., Chairman and Chief Executive Officer. “In 2016, we have
opened a new upholstery manufacturing facility, opened two
corporate retail stores and repositioned another, upgraded our
Zenith Logistics truck fleet, expanded our Bench Made factory, and
invested in our technology platform. Through the first three
quarters, we have paid our shareholders $5.2 million in dividends
and retired $4.0 million of our common stock. Despite these
significant investments in the business and return of capital, our
working capital management and operating cash flow have kept our
balance sheet strong. With these factors and our future
growth strategies in mind, management and our Board of Directors
believe that today’s dividend declaration is appropriate.”
About Bassett Furniture Industries, Inc.Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality, mid-priced home furnishings. With 90
company- and licensee-owned stores, Bassett has leveraged its
strong brand name in furniture into a network of corporate and
licensed stores that focus on providing consumers with a friendly
environment for buying furniture and accessories. The most
significant growth opportunity for Bassett continues to be the
Company’s dedicated retail store program. Bassett’s retail strategy
includes affordable custom-built furniture that is ready for
delivery in the home within 30 days. The stores also feature the
latest on-trend furniture styles, free in-home design visits, and
coordinated decorating accessories. Bassett also has a traditional
wholesale business with more than 700 accounts on the open market,
across the United States and internationally. For more
information, visit the Company’s website at bassettfurniture.com.
(BSET-E)
Certain of the statements in this
release, particularly those preceded by, followed by or including
the words “believes,” “expects,” “anticipates,” “intends,”
“should,” “estimates,” or similar expressions, or those relating to
or anticipating financial results for periods beyond the end of the
third fiscal quarter of 2016, constitute “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended. For those statements, Bassett claims the
protection of the safe harbor for forward looking statements
contained in the Private Securities Litigation Reform Act of
1995. In many cases, Bassett cannot predict what factors
would cause actual results to differ materially from those
indicated in the forward looking statements. Expectations
included in the forward-looking statements are based on preliminary
information as well as certain assumptions which management
believes to be reasonable at this time. The following
important factors affect Bassett and could cause actual results to
differ materially from those indicated in the forward looking
statements: the effects of national and global economic or
other conditions and future events on the retail demand for home
furnishings and the ability of Bassett’s customers and consumers to
obtain credit; and the economic, competitive, governmental and
other factors identified in Bassett’s filings with the Securities
and Exchange Commission. Any forward-looking statement that
Bassett makes speaks only as of the date of such statement, and
Bassett undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Comparisons of results for current and any
prior periods are not intended to express any future trends or
indication of future performance, unless expressed as such, and
should only be viewed as historical data.
J. Michael Daniel, Senior Vice
President and Chief Financial
Officer
(276) 629-6614 - Investors
Jay S. Moore, Director of
Communications
(276) 629-6450 – Media
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